Stimulus Check Update: $580 Million Unspent McConnell and Mnuchin Stimulus Plan Pelosi Blamed

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Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums, and stimulus package update for Saturday, November 21st, 2020.

Treasury Secretary Steven Mnuchin is reviving stimulus talks with Congressional Democrats but is also proposing the use of untapped Federal Reserve relief funds as part of a new package of aid.

Mnuchin’s proposal includes using $580 billion that was allocated for Fed loan guarantees, small business relief, and other relief programs that remain unspent.

Mnuchin’s told Bloomberg, “I hope that Congress will seriously consider reallocating $580 billion of funds that have already been appropriated that wouldn’t cost taxpayers an additional penny.”

Mnuchin suggests the unspent money could be used to extend unemployment benefits and assist hard-hit small businesses in travel, entertainment, and restaurants.

Mnuchin’s plan would require the Fed to sign off as well so we’ll be interested to hear what Powell has to say.

Meanwhile, it seems that McConnell seems to agree with Mnuchin about using the Fed funds.

McConnell said “there is an obvious right use” for the unused funds.

He continued “Congress should repurpose this money toward the kinds of urgent, important, and targeted relief measures that Republicans have been trying to pass for months.”

McConnell has repeatedly said the starting point for talks should be a $500 billion measure.

Both want Congress to reallocate unspent stimulus funds to support small businesses as it could help with unemployment.

It’ll be interesting to see how Congress feels about their suggestion.

And finally, House Minority Leader Kevin McCarthy said House Speaker Nancy Pelosi is the major “roadblock” preventing lawmakers from passing the relief legislation.

McCarthy said, “There’s one roadblock, there’s one big wall that has stopped this thing the entire time and it’s Speaker Pelosi.”

McCarthy who said he has been in touch with Senate Majority Leader Mitch McConnell and the White house about relief legislation characterized Pelosi’s approach to negotiations as “nothing is better than something.”

Drew Hammill responded to McCarthy’s comments saying that Democrats have been pushing Republicans to move forward with relief for six months.

He continued saying, ”McConnell’s emaciated proposal gives no stimulus checks, no rental assistance, no nutrition assistance, but does give liability immunity to employers who get their workers sick.”

That was your stimulus check, your second stimulus check, your executive action and stimulus package update for Saturday, November 21st, 2020

Sources:

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